SEC · New York · Crypto Briefing
Fermi receives subpoena from US District Court for Project Matador documents
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◎ Multiple-sources
The AI energy startup faces mounting legal pressure as both a federal court and the SEC demand records related to its 17 GW power campus and former management.
Key facts
- Fermi went public in October 2025, raising approximately $746 million in its IPO
- About 6 GW of capacity has already been permitted, and Fermi recently secured a binding lease with TensorWave, an AI cloud provider, reportedly valued at $6.5 billion
- Project Matador is the company’s plan to construct one of the largest private energy campuses in the country, targeting up to 17 GW of power capacity across roughly 8,400 acres of land leased
- Fermi disclosed these developments via an SEC filing around August 14, 2026
Summary
Fermi Inc. disclosed that it received a subpoena dated July 30, 2026, from the US District Court for the Eastern District of New York, demanding documents tied to Project Matador and records associated with former management. Four days later, on August 3, the SEC filed its own document request covering the same territory. Project Matador is the company’s plan to construct one of the largest private energy campuses in the country, targeting up to 17 GW of power capacity across roughly 8,400 acres of land leased from Texas Tech University. Fermi went public in October 2025, raising approximately $746 million in its IPO.